LONDON: Britain will bid to become an exporting superpower after Brexit, Trade Secretary Liam Fox said on Tuesday, as he unveiled the government’s future export strategy.
The country, which is set to leave the European Union (EU) in March next year, would aim to increase exports as a proportion of GDP by five percentage points over the long term, he announced.
Britain sold a record £620 billion ($795 billion) of goods and services overseas in 2017, accounting for 30% of GDP, boosted by the recent weakness in the value of the pound. The government and business groups believe it can raise this proportion to 35%.
“UK businesses are superbly placed to capitalise on the rapid changes in the global economic environment and I believe the UK has the potential to be a 21st century exporting superpower,” Fox told a business audience in London. “As we leave the EU, we must set our sights high and that is just what this export strategy will help us achieve.”
Published in The Express Tribune, August 22nd, 2018.